Question about old debt

I’ve received a letter from a lawyer about an old debt; I can’t remember if I made a payment less than four years ago (the statue of limitations) or not. I looked at my credit reports and it’s not on any of them. Does that mean I’m in the clear? If I get sued, I’ll have to file for bankruptcy.

It’s been 4 years since they contacted you about thsi debt? And it’s not on your credit report. i don’t think this creditor has a chance in hell in collecting money from you. How much is the amount for? Also, what was the loan for? If you have a bank account that you have used for years, you can ask the bank for check records dating back that far I believe. They keep records of all that. They may even have the wrong person…

I am not sure if you are in the clear or not. Some other people in this group seem to have much more experience than I do and will be able to help you with that. I am sorry I cannot give you any advise.

If you don’ t mind me asking: is there really a statute of limitations on debt? If yes, can you (or anyone else for that matter) please tell me about it or refer me to some resource where I can read about my rights as a debtor.

Thank you and best of luck getting rid of your old debt. You should be able to call the company that the lawyer is saying you owe and have them send you something in writing that states you owe no money as of this date. They will tell you verbally, but insist in a nice way that you need it in writing to cya. Then send a copy of this to the lawyer registered mail so you have proof that you sent it.

There is a statute of limitations on old debt. It is different for each state. Ask an attorney or someone in your particular state for the most up to date information.

Yes. There truly is a statute of limitations on debts. It is one reason the even bankruptcy is not reported after 10 years on your credit report.

It is also why so many creditors sell off debts. They are trying to collect anything at all on them. In reality, the debt ALWAYS starts at the original creditor, not collection agency #4’s efforts to collect it, and they all know it. They just hope you don’t.